REEMPIRE888 asked:


Where can I obtain the lowest fees on closing cost when refinancing a mortgage? Also, why does conventional bank around the corner usually has one of the highest closing costs than a smaller mortgage company? Which mortgage company has the best deal and what is reasonable amount to pay on closing costs for an mortgage amount of $360K?

Paul

ehong33234@sbcglobal.net asked:


I’m getting ready to refinance my first mortgage and it’s been about 5 years since I had to deal with this loan stuff. I remember asking to get certain fees waived and it was done without a problem. Can anyone tell me what fees on the closing costs it would be worthwhile to ask for a waiver on? (i.e. Wire transfer fee, document setup fee, etc?) Thanks!

John

Mark C asked:


I called my mortgage company today and asked about a refinance. I am not behind, or in forecloser. He did not offer me a good rate, but he did talk about a equity line of credit to pay off the mortgage. I currently have a ARM loan, (I know not good), but thats why i called and tried to get a fixed rate.
He said if I take a equity line of credit, to pay off the balance of the house I would have to pay no fees, or closing cost. Which means that my mortgage would have a 0 ballance. My credit is OK, I owe less then 1/2 of what I borrowed. My ARM interest rate is 7.125%, and he said he could get me the Equity line of credit at 4.5% Is there any catch to this, is this a good idea, or bad idea. Please help

Melanie

barbara d asked:


I’d like to know when it makes sense to refinance a 1st mortgage? What interest rate difference is worthwhile? And if you refi with same bank, can you negotiate the closing costs? Maybe say you will take your mortgage elsewhere?

Gabriella

Yogi asked:


I have a home in MD and want to move to FL and turn the MD house into a rental and purchase a foreclosure in FL.

I have an agent in FL and an agent in MD to manage my rental. The problems I am running into are: 1. I have no savings. 2. I make less than $40K annually. 3. I need to borrow money to prepare my rental, pay downpayment/closing costs and moving expenses.

I’ve spoken to lenders but have not allowed my credit to be pulled since I am still doing research. I’ve been told that I can get a loan for the foreclosure and repairs to it once I have a job in FL and a tenant agreement in MD (not a problem).

Will I jeopardize my new home loan by applying for a $10k loan to cover the expenses? I have no equity in my house since I refinanced my car and debt last December so there is not much equity hence why I won’t sell. Unless there’s equity loans for $10k (closely maxes my equity).

Investment programs, tricks of the trade, advice and tips are all greatly appreciated.
Renting’s an option but foreclosures under $75k is cheaper monthly and I have options of equity funds of $25k+ or 80% after repair value. This money is for repairs and can be used to pay off the $10k loan and expenses on both homes like taxes and Home Owners Insurance.

Friends in FL who own pay $700 for HOI (my MD is $500). I’ve seen the taxes on FL homes and yes they’re scary. My car is paid and I have no other debt just the MD mortgage. I can break even on rent since I am paying HOA fees and Property Management fee (no profit) and it’s a small sacrifice to keep my house until I can sell for a profit or worse case scenario I need to move back.

My income is not a lot and will probably remain the same in FL but after everything is said and done, I will own two homes, one for about the cost of renting or cheaper and another that I is being paid off for me by the renter.

If I’m still in FL a year from moving and I equity in my MD home I may sell but it’s circumstantial.
I have heard horror stories about tenants and I am willing to take the risk. If it became that bad I would put the house on the market and pay the repairs from the proceeds.

I can’t buy the second house without a tenant agreement so the house wouldn’t sit vacant. I am not accepting short term leases and worse case scenario is I will have to sell the MD house.

As far as not being in the position, the only reason I’m not is because I don’t have my own funds to use for the transaction. The $10k loan was for 5%downpayment and also closing costs so no 100% financing. In addition, I have a job and I am not in a hole so I can afford most of my moving expenses but PODS from MD to FL are expensive which is what I will need while doing repairs in the new home.

I appreciate all of the advice, but I haven’t gotten from the lenders or agents that I’m not prepared to do this and they all know my whole situation at this point. However, the lenders don’t know about the $10k loan I need.

Hayden

rebelwithacause asked:


We have second note on house for $15,000.00. (loan was made for home improvements over 2 years ago)…..The 1st home loan is for $101,000.00..We can not qualify for a deed in lieu due to having a second note…. A Short Sell is also apparently out because home is worth MORE (not less) than what is owed on it, but its not selling because noone can get a loan (house has been on the market for 3 months at market value and was reduced in price again). Also have home for sale with a lease/option…(we used a realtor and not For Sale by Owner because we wanted the process to go quick) ….Cant get 2nd loan off the house so we can sell the house for less until the loan is payed off in full… but cant do that until we sell the home…We arent even asking for a profit, we just want enough to pay off loans and the realtor fees and closing costs…We cant save our home and continue to make house payments because of loss of wages from cut backs at work.. Cant refinance because house is For Sale…….and if we could refinace it wouldnt save us from being in the same situation a few months from now (we would only save about $100.00 a month)…Cant rent a room as everyone is moving back in with mom and dad these days. We can not rent the house out to cover the cost of both morgtage notes and afford a roof over our heads too.. No one will work with us until we miss our morgatage payments (which will be very soon.. 3 months AFTER i warned the lenders of the hardship with weekly calls and letters)….and got nothing but the run around for the last few months from the lenders AND a housing counselor …. Now if our home is “FORCED” (and the key word here is “forced”) into foreclosure and the house sells for MORE than the pay off “Will they pay off the second loan also ? or come after us for that too ?? Is there any other option that we may have over looked….We just want to save our credit so we can start fresh again when the economy finally gets better..We will not consider borrowing money from family or friends who are also struggling and we will not consider using our credit cards to survive this economy down fall either….WHAT IS LEFT ? They want our homes and now they apparently need our great credit scores too !!!!!!!!!

Taylor

walterskk asked:


Who is REALLY affected by the financial crisis? We purchased a new home in May ‘08 and chose a 4% ARM loan thru our local credit union. The housing market was falling apart; we anticipated rates falling and then we could refinance with a fixed rate loan. Thru the credit union, we can refinance at any time, as often as we like; we just have to pay the closing costs. Additionally, our ARM can only go up (or down) a max of 1% every two years and cannot go up over 8% over the life of the loan (we hope to have lock a fixed rate in the next 5-10 years). So in May 2010, our worst case is 5%. We have no other debt, loans or credit card balances. Should I be worried?

Hayden

bry.nh asked:


Thinking about refinancing with cash out option.

House is worth $150,000-160,000 (when we bought it, but we’ve done many upgrades since then, so could be a little bit more)
Mortgage balance is $108,000 (bought the house for a steal)

We have a good amount of credit card and other debt with pretty high interest rates, so we’re wondering would it be a smart idea to refinance for a higher amount and get the cash back in order to pay off our higher interest debt? I know there will be closing costs, but some loans with roll those into the loan, and no, we will not pay any penalty fee for refinancing too soon.

Adam

0Andrius K0 asked:


MORTAGE RATES ARE DOWN SO I AM THINKING TO REFINANCE:

we have 2 mortgages -
1st - @ 6.375% remaining 201,000 for 355 mnths no mortgage insurance - total monthly pmnt 1272.70$ + 410.2$ to the escrow account.
2nd - @ 10.75% remaining 36,000 for 225 mnths - monthly pmnt 386.8$
we plan to stay in this house for 30 years
when we bought the house was appraised @ 250k
now - 300k
our income bracket is 31%
credit score 740.

my question is should we combine these 2 @ 6.625 for 30 yrs with closing costs being apprx 2500.?

HOW ABOUT CONSOLIDATE @ 6.25% FOR 30 YRS + CLOSING COSTS 2500?

also i was given an option to refi just the 2nd one @ 8.5% for 20 yrs with closing costs apprx 250

THERE WOULD BE NO MORTAGE INSURANCE PMNTS AND WE ACN AFFORD THE MORTGAGES EASILY - JUST LOOKING TO GET A BETTER DEAL.

PLEASE EXPLAIN YOUR ANSWERS WITH SOME MATH IF POSSIBLE

any advice would be greatly appreciated.

Nicholas

confused asked:


Does anybody know which financial institute has a lower closing cost when refinancing mortgate? I’m in Michigan and looking for to borrow $68000 for 15 year fix. Does closing cost around $1800 sounds all right?

Brian